Blog Layout
JobKeeper Update
May 20, 2020
Almost 5 million Australians are on JobKeeper and payments have started to flow, however the system is not without its problems.
Have You Enrolled?
If you're in business and/or have employees, you might be eligible. You can read the full detials about eligibility on the ATO website, or complete our JobKeeper Form
and we'll check for you.
To be backpaid to the start of the sceme, you must enrol by 31 May 2020
so if you think you might be eligible, now is the time to act!
If you haven't been eligible so far but your turnover falls in future months, you can join the sceme at a later stage.
Have You Received Your Payment?
Most of our clients have reported receiving their reimbursement for April, however the system is definitely not without issues. If you've completed your April reporting (or we've done this on your behalf) and you haven't seen the deposit in your bank, there can be several reasons:
- Suspension By ATO - In seveal cases we have seen the ATO suspent JobKeeper pending further information. In some instances the ATO has made contact to collect that information, but in some instances they have not.
- Form Error By ATO - We have seen instances where the data on ATO systems does not match the data that has been lodged on the portal. This can include incorrect employees or incorrect start months.
- Incorrect Entity - Some clients have enrolled the incorrect entity for JobKeeper. If you completed your own enrolment, please ensure that you have enrolled the correct ABN.
The JobKeeper payment doesn't show on your Business Portal and you don't get a notification when it's paid, however it's easy to spot in your bank account because the naration says "ATO" and the amount will be a multiple of $1,500.
If you haven't received your payment and you beleive you should have, you can call the ATO or ask us to investigate for you.
How Do You Code The Payment?
When you receive your JobKeeper money, it should be coded to an 'other income' type account with a GST code of Out Of Scope/BAS Excluded.
Will JobKeeper Last 6 Months?
At this stage, we don't know. It was always a part of the JobKeeper enactment that the scheme would be reveiewed in June. At that time, the scheme could be wound back or eligibility narrowed or re-tested. In recent weeks, the Prime Minister has refused to confirm one way or the other, saying we must wait for the review.
Xero is chaning is product lineup and pricing in Australia from 1 July 2024.
Funding is essential for hitting your business goals – but do you know which routes to finance are the best for your company? We’ve got the lowdown on funding.
For companies of a certain size, a regular audit is a mandatory requirement. Here’s how to get your finances ready for an audit, so it’s as stress-free as possible.
Are you thinking about making the switch from online to a bricks-and-mortar store? We can help with some of the big questions to ask yourself before you open your retail space.
Say goodbye to chasing overdue invoices by automating your payment collections with GoCardless, now available within QuickBooks.
The ATO has recently embarked on an agressive debt collection strategy. We are here to help.
Tax may be boring, but smart use of tax planning is a superb way to help your company do more with your money.
Take any of the ATO's 21 free small businees short courses.
Need to cut your business expenses? We’ll review your current costs, find the expenses that could be cut, and will provide a proactive spend management programme to reduce your spending.
Consumers are becoming increasingly green in their purchasing habits. So, we’ve pulled out five ways to make your business more green, sustainable, and eco-friendly.
WHERE TO FIND US
Suite 4, 64 Annand StreetToowoomba City Qld 4350(Entry Via Hall Lane)
CONNECT WITH US
CONTACT
Phone:
1300 427 526Email:
accounting@haslam.com.au
PO Box 4592
TOOWOOMBA EAST QLD 4350
Haslam Consulting & Accounting Pty Ltd is a member of the Institute of Public Accountants in Australia.
Liability limited by a scheme approved under Professional Standards Legislation.